The weekly Davis Index for imported Honey brass, Wednesday, rose by Rs4,667/mt ($62.43/mt) to settle Rs309,667/mt del Jamnagar consumer, driven by a spike in imported prices despite a drop in the three-month LME copper contract. Only a few deals concluded this week as secondary manufacturers cited subdued demand in markets across India.
The three-month official copper contract fell by $112/mt from $6,505/mt on July 21 to settle at $6,393/mt on July 28.
Alloy manufacturers refused to take orders for brass billets from Chinese buyers who kept their purchase prices at $4,000/mt cfr China. At this price level, manufacturers cite a margin squeeze as input cost escalated from the prior week.
Offers for imported honey cfr India were heard at $4,000-3,800/mt, up by $100/mt from the prior week. Demand for the brass rods from ventilator and auto component makers has been slow but remained steady, state manufacturers.
The weekly Davis Index for Honey brass domestic origin (Vilayati) rose by Rs3,000/mt from the prior week to settle at Rs298,000/mt del Jamnagar consumer.
A few brass scrap trades were reported in Delhi this week. The weekly Davis Indexes for imported Honey brass and Honey domestic origin (Purja) rose by Rs13,000/mt, Rs8,000/mt to settle at Rs305,000/mt and Rs290,000/mt del Delhi consumer, respectively.